Obligations on Controllers and Proposed Controllers

2.1

19/01/2019

See Notes

The PRA directs that a section 178 notice submitted to the PRA in accordance with section 178(1) of FSMA must contain the information and be accompanied by such documents as are required by the Controller’s Form approved for the relevant application.

2.2

03/08/2015

See Notes

(1) The PRA directs that a person who has submitted a section 178 notice must notify the PRA immediately if the person becomes aware, or has information which reasonably suggests, that the person has or may have provided the PRA with information which was or may have been false, misleading, incomplete or inaccurate, or has or may have changed in a material particular.

(2) The notification must include:

(a) details of the information which is or may be false, misleading, incomplete or inaccurate, or has or may have changed;

(b) an explanation of why such information was or may have been provided; and

(c) the correct information.

(3) If the information in (2)(c) is not immediately available for submission with the section 178 notice, the PRA directs that the information must instead be submitted as soon as possible.

(4) The requirement in (1) ceases if the change in control occurs or will not take place.

2.3

03/08/2015

See Notes

The PRA directs that a notice under section 191D of FSMA must provide details of the extent of control (if any) that the controller will have following the change in control.

(b) details of the extent of control (if any) which the controller will have following the reduction in control.

3.6

03/08/2015

See Notes

(1) A UK domestic firm must notify the PRA immediately if, in the period between a section 178 notice being submitted and the occurrence of the change in control, the firm becomes aware, or has information which reasonably suggests, that the person submitting the notice has or may have provided the PRA with information which was or may have been false, misleading, incomplete or inaccurate, or has or may have changed in a material particular.

(2) The notification must include:

(a) details of the information which is or may be false, misleading, incomplete or inaccurate, or has or may have changed;

(b) an explanation why such information was or may have been provided; and

(c) the correct information.

If the information in (2)(c) is not immediately available for submission with the notification, the information must instead be submitted as soon as possible.

3.7

03/08/2015

See Notes

During the period referred to in 3.6, a UK domestic firm must take reasonable steps to keep itself informed about the circumstances of the controller or the proposed controller to which the notification related.